Construction Layoffs Soar, Led by Single-Family Sector
Roughly 3.7% of construction workers were laid off or discharged in March, the highest rate reported since the early days of the COVID-19 pandemic
May 8, 2023
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Construction layoffs are at their highest level since the start of the pandemic, and that drop in the share of open positions is predominantly driven by weakness in the single-family home building sector, according to Construction Dive.
The number of open jobs in construction dropped by 73,000 to 341,000 in March, a 17% year-over-year decline and the second lowest share recorded since mid-2021. With interest rates still elevated, home builders are slowing their pace of hiring, meaning more layoffs could lie ahead over the next several months.
The data indicates “a significant decline in open positions in the construction industry,” said Anirban Basu, ABC’s chief economist. “The 3.7% of construction workers who were laid off or discharged in March is the highest rate since the early months of the COVID-19 pandemic.”
